The Housing Industry Association (HIA) has welcomed the release of 6,600 new housing lots in Sydney by the NSW Government.
The voice of Australia's residential building industry, HIA says that the release of the new housing lots in Sydney's growth areas in the northwest by the NSW Government comes at a critical time for NSW home buyers and the state’s economy.
HIA Acting Executive Director NSW, Sulfianda Soeleiman observes that Sydney desperately needs a substantial increase in new housing supply; the release of 6,600 new housing lots will boost housing supply to meet current strong demand in NSW and will assist in sustaining the NSW housing recovery.
He added that the additional new home building activity will provide further support to the community as it has a positive flow-on effect to the NSW economy. It will support over 35,000 jobs due to demand for manufactured goods and ancillary services from the construction of new homes.
According to Mr Soeleiman, the NSW Government’s initiative to increase the first new home owner grant eligibility criteria from a house price threshold of $650,000 to $750,000 is also an important NSW State Budget move and reflects the recent increases in NSW residential property values.